Wison Wins Another Procurement and Construction Contract for Puerto La Cruz Refinery Deep Conversion Project in Venezuela

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SHANGHAI, Oct. 15, 2013 /PRNewswire/ -- Wison Engineering Services Co. Ltd. ("Wison Engineering" or the "Company", SEHK stock code: 2236, together with its subsidiaries, the "Group"), the largest private sector chemical engineering, procurement and construction management ("EPC") service provider in China announced today that Wison Engineering Ltd., an indirectly non wholly-owned subsidiary of the Company was awarded a procurement and construction contract by PDVSA Petroleo, S.A. ("PDVSA") for the site preparation for the Puerto la Cruz oil refinery Deep Conversion Project in Venezuela. This is the largest oil refinery PC project in Latin America acquired by Chinese enterprise to date. The total contract value amounts to approximately USD834million. The project is expected to be completed in 12 months after commencement of work.

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Mr.Asdrubal Chavez J., Vice President at PDVSA, said, "We are delighted to collaborate with Wison Engineering once again. This site preparation project is a preliminary project which is of great significance to the entire deep conversion project at the oil refinery. Wison Engineering's solid track record in the oil refinery sector and its internationalised project execution and management capabilities give us full confidence in this collaboration. The completion of the Puerto la Cruz oil refinery will effectively enhance the heavy oil processing capacity and oil quality in Venezuela, which will constitute a vital impetus to economic growth, employment, and technological innovation and application in the country. This partnership will be also conducive to maintaining and deepening trade and economic cooperation between China and Venezuela."

This contract is the second to be awarded to Wison Engineering by PDVSA since the Company won a USD2.997 billion EPC contract in June 2012 for the Deep Conversion Project at the Puerto La Cruz Refinery, in which Hyundai Engineering & Construction Co. Ltd. and Hyundai Engineering Co,. Ltd. were jointly participating as Consortium Hyundai-Wison. Pursuant to this contract, Wison Engineering will be responsible for the site preparation procurement and construction of land improvement, new tankers, administrative buildings and temporary facilities for the Deep Conversion Project.

Mr. Dong Hua, Senior Vice President of Wison Engineering, said,"We feel honoured  to be once again recognized by PDVSA. Wison Engineering will bring to the project an outstanding and well-equipped project management team which will ensure the timely delivery of the project, thereby laying a solid foundation for the Deep Conversion Project. One of Wison Engineering's key strategies is to accelerate its internationalization and business diversification. The signing of the contract is a testimony to Wison Engineering's strategy of business diversification and marks a milestone in Wison Engineering's overseas business expansion strategy." In tandem with the implementation of its overseas projects, Wison Engineering has established a consulting team comprising overseas project management experts to provide guidance to its overseas team spanning the project lifecycle, ranging from quotation preparation to project execution, with the aim of minimizing risk in its overseas projects.

Adhering to its strategy of internationalization, Wison Engineering has been establishing sales offices in more than ten countries since 2008, while keeping closer eyes on developing foreign investment projects in China. By the end of this June, the Group's first major overseas EPC project, the Saudi De-Bottlenecking (DBN) EPC Project, was mechanically completed, and the Saudi Benzene Mitigation Project entered into the principal construction phase.                                    

SOURCE Wison Group